v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The calculation of our effective tax rate was as follows for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Income before income taxes$148,991 $146,442 $303,385 $292,426 
Income tax expense$32,851 $31,853 $66,593 $63,420 
Effective tax rate22.0 %21.8 %21.9 %21.7 %

For interim periods, our income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions, and other items.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Job Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. The Company is currently evaluating the OBBBA; however, it is not expected to have a material impact on the Company’s consolidated financial statements.